Logo of Phnom Penh Post newspaper Phnom Penh Post - Garment exports plummet in Q4

Garment exports plummet in Q4

Garment exports plummet in Q4

Garment exports plummet in Q4

 
Cambodian garment exports plummeted 46 percent in the fourth quarter of 2007, capping off a dismal year in one of the country’s key sectors, industry officials said, while warning of future factory closures and job cuts. An economic downturn in the United States, which buys 70 percent of all Cambodian textiles, and continuing labor disputes contributed to the plunge, said Van Sou Ieng, chairman of the Garment Manufacturers’ Association of Cambodia (GMAC). Until last year, the sector had enjoyed annual growth of up to 20 percent. But export growth for all of 2007 stood at only 2.4 percent, representing $2.9 billion, Van Sou Ieng said, adding that the outlook for 2008 "surely was not good." "Definitely some factories will close, some people will lose their jobs," he said. (AFP) 

 

MOST VIEWED

  • Negotiations on EBA being held

    In an effort to defuse tensions, a senior government official said Cambodia is negotiating with the European Union (EU) on the Everything But Arms (EBA) trade deal, which allows the Kingdom to export goods to the 28-member bloc tariff-free. The EU notified Cambodia on October 5

  • Ministers to tackle sea pollutants

    Preah Sihanouk provincial authorities and members of local communities have collected 77 tonnes of water hyacinth at a Sihanoukville beach, Preah Sihanouk Provincial Hall spokesperson Or Saroeun said. He told The Post yesterday that the aquatic weeds had been floating along some of the province’s

  • Chinese police escort deported scam suspects

    Ninety-one Chinese nationals accused of extorting money from victims in a Voice over Internet Protocol (VoIP) scam were deported from Phnom Penh International Airport on Monday under the escort of 182 Chinese police personnel. General Department of Immigration head of investigations Ouk Hay Seila told reporters

  • Sam Rainsy, government group set to clash at IPU Geneva meet?

    Opposition figure Sam Rainsy has been invited to speak at the General Assembly of the Inter-Parliamentary Union (IPU) in Geneva, according to a former Cambodia National Rescue Party (CNRP) lawmaker. A government delegation is also set to attend the meeting, a National Assembly press release